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50 k later and so confused capital one quicksilver

BearsCubsOtters
Frequent Contributor

Re: 50 k later and so confused capital one quicksilver


@creditismyhobby wrote:

 Like many other have said I have a bucket card that I can not get a increase on. So I thought let me see if there is a breaking point I can confirm after running 50k through a $1100 limt card there is no breaking point am I the only one truly confused by this? 


To many here, they are not confused by Capital One's strange business model to not improve a rebuilder card. They just accept it for what it is. Capital One is probably the best bank to use for rebuilding; but there is a sell-by date. Once you get better cards, hopefully within 2 years, its time to either sockdrawer it or better, close it. 

 

It really does not make a whole lot of sense on the surface. Someone else very recently posted an old thread (and of course I cannot find it) about a possible reason for why Capital One does this. Partially because they use asset-backed securities to fund their cards. Supposedly, your account's APR and limits are determined at account opening and it is very difficult to move that card into a differently priced card, so they would almost rather you close those cards that you are not happy with and open a new, better card with the better terms.

 

Of course, even the better cards are not safe. My Capital One card was CLD 2017 and again in 2020 (along with many others). I hate Capital One and I want so desperately for them to be bought by another bank. I am thinking Canada's CIBC would be a great candidate. They bought a private wealth bank in Chicago 5 years ago and could use Capital One's East coast branches and 360 digital deposit accounts. The credit card and auto loan business would also be a win. Yes, I am obsessed. Hate, hate, hate Capital One LOL. 

 

To echo what others have said already....I think most here are confused by the fact that you ran $50K through a 1.5% card when (hopefully) you had better options. I like your experimental spirit though! 

Message 11 of 21
ChargedUp
Senior Contributor

Re: 50 k later and so confused capital one quicksilver

Cap One appreciates you generating swipe fees on $50K in purchases.... but not enough to budge on your limit.

 

Take that spend someplace that will at least give you some love back!

Message 12 of 21
AugustB
Established Member

Re: 50 k later and so confused capital one quicksilver

This is not a great plan if you want more credit, but it doesn't hurt anything so have fun (don't be frustrated). 

 

One of my first cards was CO Buy Power card which had a $500 limit when opened 9 years ago. My total limits across all accounts back then was $3k.

 

Today my limit across all credit accounts is $201k and that Buy Power is now has a credit limit of $600.

 

Move on. 


Starting Score (09/19): Ex 646 Tu 640 Eq 617
Current Score (08/21): Ex 763 Tu 810 Eq 775
Goal Score: 800


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Message 13 of 21
HHH71
Valued Member

Re: 50 k later and so confused capital one quicksilver

I've given up on cap one. I've been at $8700 for 12 months and 3 CLI denials. It is my lowest card out of 11 cards. It's my only cap one card. My Amex cards are all mid 20k cl, and I just got my first Citibank card with an initial $23,400 cl. I'll keep my cap one, but not use it much. My Fico 8's are 760 ish with all three, utilization is single digits, no issue with debt to income, not sure what they are looking at that no other lender sees but them.

Message 14 of 21
xXIDaShizIXx
Established Contributor

Re: 50 k later and so confused capital one quicksilver


@creditismyhobby wrote:

 Like many other have said I have a bucket card that I can not get a increase on. So I thought let me see if there is a breaking point I can confirm after running 50k through a $1100 limt card there is no breaking point am I the only one truly confused by this? 


My wife has had a quick silver one nearly a decade now. It has been stuck at $2600 with the $39 annual fee. They won't product change it, won't increase it, and won't waive the annual fee. If you ever figure it out, please let us know. Smiley Happy

Bank of America Cash Rewards: $70k; Chase Sapphire Preferred: $35k; Capital One Quicksilver: $21.2k; Citi AAdvantage: $23.5k; Care Credit: $20k; Chase Freedom: $12.5k; Chase Freedom Unlimited: $12.5k; Citi Simplicity: $15.9k; Wayfair: $22K; Barclaycard Rewards: $10k; Car Care One: $10k; AMEX BCE: $15k; Discover IT Miles: $10k; Citi DC: $9.2k; Marvel: $10k; Ashley Furniture: $6k; PayPal Credit: $10k; US Bank Cash +: $5k;
Message 15 of 21
mommydiva
Frequent Contributor

Re: 50 k later and so confused capital one quicksilver

😂🤣😭😭😭😭


@jcooks wrote:

Cap One CLI's are like my girlfriend, I stopped trying to understand why, never question, and just nod and accept the fact that I will never win.


 

Message 16 of 21
Anonymalous
Established Contributor

Re: 50 k later and so confused capital one quicksilver


@HHH71 wrote:

I've given up on cap one. I've been at $8700 for 12 months and 3 CLI denials. It is my lowest card out of 11 cards. It's my only cap one card. My Amex cards are all mid 20k cl, and I just got my first Citibank card with an initial $23,400 cl. I'll keep my cap one, but not use it much. My Fico 8's are 760 ish with all three, utilization is single digits, no issue with debt to income, not sure what they are looking at that no other lender sees but them.


Coming into a thread about bucketed Capital One credit cards, and talking about how you're stuck with a mere $8,700 limit is like walking into a homeless shelter and complaining that you can barely afford your third mansion. Smiley LOL

 

Message 17 of 21
creditismyhobby
Established Member

Re: 50 k later and so confused capital one quicksilver


@Anonymalous wrote:

@HHH71 wrote:

I've given up on cap one. I've been at $8700 for 12 months and 3 CLI denials. It is my lowest card out of 11 cards. It's my only cap one card. My Amex cards are all mid 20k cl, and I just got my first Citibank card with an initial $23,400 cl. I'll keep my cap one, but not use it much. My Fico 8's are 760 ish with all three, utilization is single digits, no issue with debt to income, not sure what they are looking at that no other lender sees but them.


Coming into a thread about bucketed Capital One credit cards, and talking about how you're stuck with a mere $8,700 limit is like walking into a homeless shelter and complaining that you can barely afford your third mansion. Smiley LOL

 


Never thought of that 😆

Message 18 of 21
SouthJamaica
Mega Contributor

Re: 50 k later and so confused capital one quicksilver

I'm guessing it has to do with securitization of sub-prime credit card accounts.

 

 


Total revolving limits 714000 (612000 reporting) FICO 8: EQ 725 TU 721 EX 699

Message 19 of 21
FinStar
Moderator

Re: 50 k later and so confused capital one quicksilver


@creditismyhobby wrote:

It was more of a adventure whether it could be done I wasn't really thinking that there were better cards out there why am I doing this it was more like what would happen if I do this? So I figured what the hell I'll try


@creditismyhobby - below is a link (and a good read) that can provide more insight on your 'bucketed' Capital One CC:

 

https://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Asset-Backed-Securities-ABS-and-w...

Message 20 of 21
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